Solo 401(k)
Client has solo 401(k). Established in July of 2023. S corporation.
Do employee elective deferrals need to be made prior to 12/31? Or does client have until 1/31 or 3/15 to make employee elective deferrals?
Client has solo 401(k). Established in July of 2023. S corporation.
Do employee elective deferrals need to be made prior to 12/31? Or does client have until 1/31 or 3/15 to make employee elective deferrals?
Permalink Submitted by Alan - IRA critic on Thu, 2023-11-09 23:27
12/31 because the deferrals must be made from 2023 wages paid in 2023, and must be deposited into the solo K by 1/15/2024.
Permalink Submitted by William Tuttle on Fri, 2023-11-10 04:29
Small clarification, the deposit deadline is 15 business days after the last day of the month.